GlaxoSmithKline’s gamble on rare diseases is an unorthodox move for big pharma. It’s an astute play because the small cash outlay means Glaxo is less exposed to the risks right now than, say, Sanofi-Aventis is in its go-for-glory bid for Genzyme Corp.

While the potential rewards are huge, Glaxo is right to tread cautiously. For a start, pricing rare disease drugs is still uncharted territory. And although internal research will be one focus of Glaxo’s recently-created rare disease unit, another will be licensing deals with biotech firms.

The deal-making landscape is full of potential partners, including NeuroSearch A/S, Prosensa Therapeutics BV and Avicena Group.